Saturday, September 30, 2023

Ned Kelly takes a punt with Casino buy

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The Tattersalls Hotel in Casino, NSW has become the latest pub sale in a bustling market, in a circa $9 million deal.

Tattersalls Hotel
Photo: Australian Property Journal

The large format Tattersalls Hotel, Casino includes a public bar, bistro, commercial kitchen, 20 accommodation rooms, a function space and gaming room with 14 gaming entitlements and was sold with a further eight gaming entitlements from a separate pub owned by the same vendor, publican Craig Lusby.

Blake Edwards and Xavier Plunkett from HTL property negotiated the successful sale of the freehold going concern interest in the pub to publican Ned Kelly, bringing the agency’s total Northern Rivers pub transactions to more than $100 million.

“The Tattersalls Hotel offering displays many desirable trading characteristics sought after by the most experienced and successful publicans; including a prime 1,944m2 CBD land allotment, with high levels of pedestrian traffic, ample car parking on title and a profitable mix of trade with over 80% of revenue generation coming from high-margin gaming and bar sales,” said Edwards, property director at HTL.

Kelly, has been expanding his regional hotel portfolio in recent times, with seven hotel including Kelly’s Irish Pub in Mudgee, the Criterion Hotel in Weston and the Old Bar Tavern on the Mid North Coast.

“This is undoubtedly a significant upside play for the incoming purchaser, who assessed value in the strong gaming holdings, demographic and macroeconomic drivers including a favourable pubs per capita ratio in the town,” added Edwards.

The Tattersalls Hotel is reportedly the highest performing gaming venue in the Richmond Valley LGA, which in addition to adding the eight new entitlements and its desirable band 3 Zoning, will leave the pub practically guaranteed for profit.

“The welcomed sale of this Casino flagship hotel ticks over the $100 million mark in the region for the HTL agency’s recent Northern Rivers sales and illustrates the firm’s time and human capital investment in a part of NSW we see continued growth opportunities playing out,” concluded Dan Dragicevich, national pubs director at HTL Property.

The booming pub market has brought in significant returns, with ALE Property Group reporting $179.2 million in full year statutory profit, increasing by almost $160 million in a year, while Redcape Hotel Group announced a winning full year net profit of $28.5 million.


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